GMAI Launches New China Web Site; Introduces Major New Version of U.S. Site.

WEST CALDWELL, N.J.--(BUSINESS WIRE)--Dec. 6, l999--

Greg Manning Auctions (Nasdaq: GMAI)

Opens Retail Galleries; China Site to have 300 Shops

Greg Manning Auctions, Inc. (NASDAQ: GMAI) announced today that it launched a new and completely re-executed version of its Web site, www.gregmanning.com, and that its affiliate, GMAI-Asia.com., Inc. has also launched a new Website www.iatoz.com.

The Company said both sites add new and enhanced features. Equally important, both sites improve the marriage between the back-end e-commerce functions of the businesses with the front-end sales operations. The result: better efficiencies, lower costs, greater functionality and scalability, new features, and improved customer usability.

In addition to the new and improved domestic Greg Manning Web site, version two of GMAI's-Asia affiliate site, www.iatoz.com, has been successfully launched. The first version of the site, built and maintained by the staff of GMAI-Asia, opened on October 15, 1999. The site has registered over 13,000 customers since then. Version two, which is now open, will soon house some 300 shops and the site has a current run rate of close to 500,000 page views per month. In addition, the revised site will house Business-to-Business, Business-to Consumer, and Consumer-to-Consumer platforms.

Anthony Bongiovanni, Chief Technology Officer, said, "We designed the domestic site with 3 goals: create a more useable front end with improved navigation and the ability to add new features and product lines, create a system that can be managed internally by mid-level technical personnel, and create a system which is scaleable and stable. We believe that we've achieved all of our goals."

Commenting on the new Asian Web site, JP Wang, CEO of GMAI-Asia.com, Inc. said, "The opportunity in Asia, and China in particular, is huge. In just the few weeks that we've been on-line "live" we've had an overwhelming response. Continuing, he stated, "While we began our business intending to exploit the popularity of philately in the Asian markets, we've expanded our plans to take advantage of the openings that currently exist in the e-commerce market outside of collectibles, and have moved aggressively to fill those openings. This required a new and enhanced Web site, which was built by our staff. We also changed the name of our site from gmai-asia.com to A to Z to reflect our new, broader scope, and then refined that name to iatoz.com."

Jim Reiman, Exec. VP - E-Commerce Strategic Business Development, commented, "One of the most important "hidden" keys to a successful e-commerce business is the technological marriage between the company's Web site and its back-end inventory, fulfillment, and accounting systems. The new www.gregmanning.com Web site is not just a new and improved face, it achieves this marriage. As a result, we'll be able to do more, and do it faster, less expensively, and without the need to add as many new personnel. We'll also be able to better "showcase" our offerings, and scale our systems into our global structure."

In addition to a new look and feel, the new www.gregmanning.com site will add a robust and flexible interface for the company's previously announced retail galleries and "live" auction Internet bidding functionality. This interface also permits the addition of powerful search tools and "community building" features, which will include educational materials, articles from the leading specialty collector magazines and periodicals, bulletin boards, chat rooms, and other collector specific features. While all of this functionality will not be immediately available, the infrastructure is now in place so that the new features and functions may be "turned on" over the coming weeks.

About Greg Manning Auctions:

Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, and believes itself to be the nation's leading stamp auction house and one of the largest in the world. It is the first publicly owned auction company to hold real-time auctions simultaneously over the Internet and via telephone, while providing confidential transmission of bidder and seller information.

Greg Manning Auctions, Inc. possesses more than 30 years of auction experience, as well as a full staff of experts in each of the product categories in which it operates. GMAI is also distinguished by its long established and well-entrenched relationships with suppliers of quality collectibles throughout the world, and by its aggressive global strategy. In early 1999, GMAI formed GMAI-

Asia.com, Inc., which opened offices in Beijing, China and recently launched its Website www.iatoz.com. In July, 1999, GMAI created GMAI-Europe.com, Inc. in partnership with Afinsa Bienes Tangibles, S.A., one of the leading collectibles companies in Europe specializing in stamps, fine art and coins.

GMAI's websites are: www.gregmanning.com and www.teletrade.com. Its common stock is traded on the NASDAQ National Market System under the symbol GMAI.

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors include the parties' abilities to develop, implement, integrate, and launch the services and offerings described herein, and other factors discussed in the "forward-looking information" or "risk factors" sections included in the companies' prospectuses, quarterly reports on Form 10-Q, and annual reports on Form 10-K.

This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.